The new report by Expert Market Research titled, ‘Global Asphalt Additives Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global asphalt additives market, assessing the market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7%
The global asphalt additives market is being driven by the rising application of the product in the building and construction industry owing to the rapid infrastructure development, increasing investments by the government towards maintaining the roads, and rapid urbanisation in the emerging economies.
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In addition to this, the increasing investments towards the development of domestic and international airports owing to the increasing number of travellers are likely to propel the demand for asphalt additives in the forecast period. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the rising demand for the product from the residential construction sector.
Industry Definition and Major Segments
Asphalt additives refer to the substances or chemicals which are added to asphalt, in order to boost the overall performance of the material. Reduction in stripping, raveling, cracking, permanent deformation, and increased thickness of pavement, are some of the major advantages of asphalt additives. The significant end-user industries of asphalt additives include building and construction.
On the basis of type, the market has been segmented into:
- Polymerised Asphalt Cement
- Multigrade Asphalt Cement
- Polyester Modifier
The major applications of the product include:
- Road Construction
- Road Paving
- Airport Runway
- Parking Lots
The regional markets for asphalt additives include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The full paced construction of airports, expressways, footpaths, roads, apartments, and public administration buildings, owing to the rising investments in the urban development projects in the emerging economies are anticipated to be the key trends in the market.
In addition, the emergence of multi housing projects across various continents is anticipated to propel the demand for asphalt additives in the forecast period. The rapid development of hotels, restaurants, pubs, and manufacturing facilities is likely to aid the market in the forecast period.
Key Market Players
The major players in the market are Cargill, Inc., Evonik Industries AG, Honeywell International Inc., The Dow Chemical Company, and Arkema S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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